<div class="coingape"> 
 <h2 id="ftx-motion-for-settlement-agreement-with-genesis">FTX Motion For Settlement Agreement With Genesis</h2> 
 <p>According to a court filing, FTX Trading and affiliated debtors submitted a motion for a court order to settle the dispute with Genesis entities for almost $176 million in claims.</p>  
 <div class="quads-location quads-ad90952 " id="quads-ad90952" style="float:none;text-align:center;padding:0px 0 0px 0;"> 
  <div class="ad1"> 
   <div class="advertised"> <span class="ad-placeholder">advertisement</span> 
   </div> 
  </div>  
 </div> 
 <p>Genesis entities have asserted claims against FTX and affiliates, which is approximately $176 million customer claim against FTX Trading.</p> 
 <blockquote> 
  <p>“$140 million avoidance claim against Alameda, an approximately $40 million outstanding loan claim against Alameda, and, to the extent of any allowed FTX Claim, claims under section 502(h) of the Bankruptcy Code.”</p> 
 </blockquote> 
 <p>FTX argues recoveries from the <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> debtors and other <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> entities are uncertain and settlement is the best possible way to prevent further disputes.</p>  
 <div class="quads-location quads-ad148831 " id="quads-ad148831" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="NewTrendin dsdsd m-on"> 
   <h5> 
    <svg class="inline-block w-5 ml-1 text-black _text-digg-blue" width="34" height="20" xmlns="//www.w3.org/2000/svg" viewbox="0 0 17 17" fill="currentColor"> <path fill-rule="evenodd" d="M12 7a1 1 0 110-2h5a1 1 0 011 1v5a1 1 0 11-2 0V8.414l-4.293 4.293a1 1 0 01-1.414 0L8 10.414l-4.293 4.293a1 1 0 01-1.414-1.414l5-5a1 1 0 011.414 0L11 10.586 14.586 7H12z" clip-rule="evenodd"></path> 
    </svg>Recommended Articles </h5> 
   <div class="TrendSList owl-carousel owl-relatedpostar"> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.coingape.com/wp-content/uploads/2023/02/15173931/top-presale-project.jpg"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.coingape.com/wp-content/uploads/2023/02/15173931/top-presale-project.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4"> Crypto Presale Projects For 2023 To Invest; Updated List </h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="crypto exchange affiliate programs" decoding="async" data-lazy-src="https://cdn.coingape.com/wp-content/uploads/2023/08/09180645/trading-bots.jpg"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.coingape.com/wp-content/uploads/2023/08/09180645/trading-bots.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="crypto exchange affiliate programs" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4">Best Crypto Trading Bots List 2023</h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.coingape.com/wp-content/uploads/2022/12/15175104/top_crypto_marketing_agencies.jpg"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.coingape.com/wp-content/uploads/2022/12/15175104/top_crypto_marketing_agencies.jpg" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4"> Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated] </h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.coingape.com/wp-content/uploads/2023/05/15175814/crypto_telegram_channel.jpg"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.coingape.com/wp-content/uploads/2023/05/15175814/crypto_telegram_channel.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4">Crypto Telegram Channels List 2023 [Updated]</h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.coingape.com/wp-content/uploads/2022/12/23134356/jpg_20221223_134223_0000.jpg"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.coingape.com/wp-content/uploads/2022/12/23134356/jpg_20221223_134223_0000.jpg" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4">Top 10 Web3 Games To Explore In 2023; Here List</h6> <span>Must Read</span> 
    </div> 
   </div> 
  </div> 
 </div>  
 <div class="quads-location quads-ad124348 " id="quads-ad124348" style="float:none;text-align:center;padding:0px 0 0px 0;">   
 </div> 
 <p>In addition, FTX CEO John Ray III also filed a declaration in support of the motion for a settlement agreement with <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> and granting related relief.<strong>&nbsp;</strong></p> 
 <h2 id="ftx-creditors-oppose-the-settlement">FTX Creditors Oppose the Settlement</h2> 
 <p>FTX 2.0 Coalition on August 17 said this is the worst deal by FTX, especially amid the DOJ investigation on DCG and <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a>.</p> 
 <blockquote> 
  <p>“<a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> claims are currently worth more than FTX’s even as <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> lender balances are inflated by the interest they earned from lending, among others, to Alameda.”</p> 
 </blockquote> 
 <p>It expects the UCC to object to this settlement agreement as “<a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> was repaid by Alameda with billions of FTX customer funds in 2022.” These coins belong to FTX customers.</p> 
 <p><strong>Also Read:</strong></p> 
 <ul> 
  <li>Shibarium Stops Producing Blocks Again, Whales Dumping SHIB And BONE</li> 
  <li>BinanceUS’ Protective Order Against US SEC Referred To Magistrate Judge, What’s Next?</li> 
  <li>Crypto Exchange BIT Introduces XRP Options Trading Following Ripple’s Partial Victory</li> 
 </ul> 
</div>

FTX Seeks Settlement Agreement With Genesis For $176 Million

Table of Contents

TheBitTimes

Other articles published on Aug 22, 2023

Astar Foundation launches Polkadot’s Relayers Incubator program

Can Dogecoin (DOGE) Spark Long-Awaited Altcoin Rally?

Terra money website frozen to prevent more phishing scams

WELCOME TO THE WORLD OF SERVICES 2.0

BlackRock has more to lose from a BTC price crash pre-Bitcoin ETF

OpenSea manager accused of insider trading sentenced to 3 months in prison, $50K fine

Join our free newsletter for daily crypto updates!